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Why Scotland Should have its Own Currency

In a forceful article by Jim Fairlie, former deputy leader of the SNP released today by Options for Scotland, Mr. Fairlie criticises the implicit decision of the YES Campaign to accept the option of a formal currency union with rUK when Scotland becomes independent. He points out that the strident tone of the opposition of the No Campaign and the Treasury is such that one has to wonder why Scots would find anything attractive in an continuing union with rUK.

Jim Fairlie’s article with highlighted passages is attached. It closes with this quote:

“An independent Scottish currency may cause a level of nervousness in the early stages of independence but with careful management and Scotland’s reputation for financial probity, together with our natural resources and international trading record, that nervousness could work to our advantage. It is the only option which will allow a Scottish government the degree of economic control necessary to diverge from the history of mismanagement of the Scottish economy since the end of World War II. If sovereignty means anything at all to the Scottish people, control of their own currency is a prerequisite.”

Gordon Wilson, Director of Options for Scotland added:

“If there is to be any economic advantage with independence, it is to ensure that we have all the tools to manage its economy differently from the Union. The elephant in the room is the domination of the UK economy by London and the South of England. Increasingly, under the Union, that is where the prosperity, the increasing population and the political clout are to be found.

And as former Governor of the Bank of England, Eddie George has stated if the price of unemployment in the North as a key to growth, it has to be accepted. Devolved or independent, it does not seem that Scotland can expect any economic joy from the Bank of England or the Treasury.

We shall have difficulty winning the independence referendum when the presentation of the case is skewed towards Devo. Max rather than independence. How many people will want to vote for a cut-down Britain?”

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